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American Morning
Bush Set to Sign Plan to Protect Insurance Industry from Huge Losses
Aired November 26, 2002 - 08:03 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
PAULA ZAHN, CNN ANCHOR: Now back to the White House, where for the second straight day, President Bush is ready to sign landmark legislation. After signing homeland security into law on Monday, Mr. Bush is set to do the same for a plan that aims to protect the insurance industry from huge losses inflicted by terror.
Frank Buckley joins us from the White House this morning with the very latest on that -- good morning, Frank.
FRANK BUCKLEY, CNN CORRESPONDENT: Good morning, Paula.
This is the second major piece of legislation that the president demanded of the 107th lame duck Congress. The idea here to protect the insurance industry and keep it afloat in the case of any future terror attacks against the U.S. and any catastrophic losses.
Here's what the bill would do. It's authorized for three years. It does not cover 9/11 losses or losses of less than $5 million. Federal payments would be capped at $90 billion in the first year, $87.5 billion in the second year, $85 billion in the final year of this bill.
(BEGIN VIDEO CLIP)
ARI FLEISCHER, WHITE HOUSE PRESS SECRETARY: I think you can look at this in a similar way that the administration and the federal government stepped in with the airlines immediately in the aftermath of the attack. You have a free market president whop also makes certain that we can protect the American people, both in terms of their jobs and their economic security, as well as national security.
(END VIDEO CLIP)
BUCKLEY: The bill signing today follows yesterday East Room ceremony creating the Department of Homeland Security. The president says today's bill signing will help companies get access to affordable insurance and get the stalled construction projects under way. The president says this will put thousands of what he calls hard hats, Paula, back to work.
ZAHN: All right, thanks so much, Frank.
Appreciate it.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Huge Losses>
Aired November 26, 2002 - 08:03 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
PAULA ZAHN, CNN ANCHOR: Now back to the White House, where for the second straight day, President Bush is ready to sign landmark legislation. After signing homeland security into law on Monday, Mr. Bush is set to do the same for a plan that aims to protect the insurance industry from huge losses inflicted by terror.
Frank Buckley joins us from the White House this morning with the very latest on that -- good morning, Frank.
FRANK BUCKLEY, CNN CORRESPONDENT: Good morning, Paula.
This is the second major piece of legislation that the president demanded of the 107th lame duck Congress. The idea here to protect the insurance industry and keep it afloat in the case of any future terror attacks against the U.S. and any catastrophic losses.
Here's what the bill would do. It's authorized for three years. It does not cover 9/11 losses or losses of less than $5 million. Federal payments would be capped at $90 billion in the first year, $87.5 billion in the second year, $85 billion in the final year of this bill.
(BEGIN VIDEO CLIP)
ARI FLEISCHER, WHITE HOUSE PRESS SECRETARY: I think you can look at this in a similar way that the administration and the federal government stepped in with the airlines immediately in the aftermath of the attack. You have a free market president whop also makes certain that we can protect the American people, both in terms of their jobs and their economic security, as well as national security.
(END VIDEO CLIP)
BUCKLEY: The bill signing today follows yesterday East Room ceremony creating the Department of Homeland Security. The president says today's bill signing will help companies get access to affordable insurance and get the stalled construction projects under way. The president says this will put thousands of what he calls hard hats, Paula, back to work.
ZAHN: All right, thanks so much, Frank.
Appreciate it.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Huge Losses>
